Nigeria’s Attorney General has withdrawn a $2 billion tax demand against South African telecoms giant MTN Group, a closely watched case that critics said damaged Nigeria’s appeal to foreign investors.
In a letter filed with the Nigerian stock exchange, MTN said the government had decided to drop its case and refer the issue to tax and customs authorities “with a view to resolving contentious issues.”
“We are very pleased with the decision of the (attorney general) and we commend him for his wisdom,” MTN Nigeria’s Chief Executive Ferdi Moolman said in a statement.
Shares in MTN Group rose by more than 4% after the announcement. Nigeria is its biggest market, with roughly 60 million users.
Attorney General Abubakar Malami had ruled that the firm owed taxes relating to the import of equipment and payments to foreign suppliers from 2007 to 2017. He did not immediately respond to a request for comment on Friday.
MTN, whose local unit listed on the Nigerian Stock Exchange last year, has said it would sell more shares to the public and increase local ownership once the tax row is resolved.
Latest Stories
-
3 confirmed dead in Ejisu-Konongo Highway collision, 1 injured
1 hour -
Fatawu Issahaku gets assist as Leicester City beat Preston to win Championship title
1 hour -
Child’s right advocate criticises state’s handling of ‘victim’ in alleged child marriage case
1 hour -
NPP has created 2.1m jobs in seven years – Bawumia
2 hours -
Akosombo Dam spillage: We’re considering a class action suit against government – Ablakwa
2 hours -
Government offers teacher unions about 70% increment in continuous professional development allowance
2 hours -
Everyone must show interest in depleting pension funds – Pensions Expert
2 hours -
African Business Heroes: African SMEs ready to compete for a share of $1.5m grant
3 hours -
My government will partner with faith-based groups in development – Bawumia
3 hours -
Joy Prime’s Prime Morning to host show at sea in May Day celebration with Ghana Navy
3 hours -
Why increase contribution rate when you can’t manage what is given you? – NAGRAT asks SSNIT
3 hours -
There are greener pastures in Ghana – Prof Owusu-Dabo
5 hours -
Myjoyonline Interview with Abubakar Tahiru: Guinness World Record Holder for ‘Most Trees Hugged In An Hour’
5 hours -
JoyNews’ Clinton Yeboah honoured at 2023 Int’l Sports Media Awards in Spain
6 hours -
14 PWDs selected for maiden Africa Health Collaborative Medicine Counter Assistant training
6 hours